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Down Payment

The difference between a home’s purchase price and the amount of the mortgage against the property. The down payment must be paid upfront before the home purchase can close.

Definition

A down payment is upfront money you pay to buy a home. The down payment must be paid upfront before the home purchase can close.

Down Payment Requirements

The down payment requirements depend on the mortgage program the home buyer chooses. Here are the most common mortgage programs. 

For more information about the ins and outs of how down payments work, click here:

How Much is a Down Payment on a House?